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World Bank forecasts Iran’s economy to expand 3.2 percent in 2024
(MENAFN) The World Bank (WB) has released a report forecasting that Iran's economy will experience a growth of 3.2 percent in 2024, while the inflation rate is expected to decrease to 35.3 percent. This comes on the heels of a challenging year in 2023, during which Iran's economy grew by 5 percent but faced a significantly high inflation rate of 40.7 percent.
In its analysis, the World Bank highlighted trends in various sectors. The growth of Iran's non-oil sector, which saw a 3.8 percent increase last year, is projected to moderate to 3.0 percent in the current year. Conversely, the oil sector, which experienced robust growth of 17.1 percent previously, is expected to grow by a more modest 5.0 percent this year. Additionally, the bank predicts that Iran's oil production will increase by 200,000 barrels per day, reaching a total of 3.2 million barrels.
Looking at specific sectors, the agricultural sector's growth is anticipated to be limited to 0.9 percent, while the industrial sector is expected to grow by 4.9 percent. The service sector is forecasted to see a growth of 2.6 percent.
The Central Bank of Iran (CBI) reported that for the previous Iranian calendar year, which ended on March 19, the country's gross domestic product (GDP), including oil, grew by 4.5 percent. When excluding oil, the growth rate was 3.6 percent. The CBI's Economic Accounts Department indicated that during the third quarter of the last calendar year, GDP at fixed prices (based on 2016 values) also registered a 4.5 percent increase compared to the same period the previous year, with non-oil GDP reaching a growth of 3.9 percent.
Moreover, the CBI's analysis revealed a noteworthy 14.2 percent growth in the formation of fixed gross capital in the third quarter, compared to the same timeframe in the previous year, underscoring a positive trend in investment across various economic sectors. This overall economic momentum suggests that while challenges remain, there are signs of resilience and potential growth in Iran's economy moving forward.
In its analysis, the World Bank highlighted trends in various sectors. The growth of Iran's non-oil sector, which saw a 3.8 percent increase last year, is projected to moderate to 3.0 percent in the current year. Conversely, the oil sector, which experienced robust growth of 17.1 percent previously, is expected to grow by a more modest 5.0 percent this year. Additionally, the bank predicts that Iran's oil production will increase by 200,000 barrels per day, reaching a total of 3.2 million barrels.
Looking at specific sectors, the agricultural sector's growth is anticipated to be limited to 0.9 percent, while the industrial sector is expected to grow by 4.9 percent. The service sector is forecasted to see a growth of 2.6 percent.
The Central Bank of Iran (CBI) reported that for the previous Iranian calendar year, which ended on March 19, the country's gross domestic product (GDP), including oil, grew by 4.5 percent. When excluding oil, the growth rate was 3.6 percent. The CBI's Economic Accounts Department indicated that during the third quarter of the last calendar year, GDP at fixed prices (based on 2016 values) also registered a 4.5 percent increase compared to the same period the previous year, with non-oil GDP reaching a growth of 3.9 percent.
Moreover, the CBI's analysis revealed a noteworthy 14.2 percent growth in the formation of fixed gross capital in the third quarter, compared to the same timeframe in the previous year, underscoring a positive trend in investment across various economic sectors. This overall economic momentum suggests that while challenges remain, there are signs of resilience and potential growth in Iran's economy moving forward.
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